The Clap
Meta (NASDAQ: META) cut more than 11,000 employees from its workforce, after rumors that the company was set to make mass layoffs.
The Deets
The layoffs represent around 13% of the company’s workforce, making this the biggest job cut in the company’s history.
Increased competition from the likes of TikTok in addition to decreasing revenues forced the social media giant’s hands to ruthlessly downsize its workforce.
According to Zuckerberg, CEO of Meta, revenue growth, advertising performance, and e-commerce all saw a decline in the midst of a struggling economy.
So What
Meta has extended its hiring freeze and will continue to establish other cost-cutting measures in order to battle ongoing challenges.
Now What
Many of the big tech companies adopted similar approaches, with Twitter and Snap also seeing large job cuts in recent times.
